The FSCS has confirmed the Glasgow-based IFA has failed after a number of complaints in relation to poor pension advice.
The Financial Services Compensation Scheme has today opened its doors for claims against Cowley & Miller, a Scottish IFA that has been embattled for a number of years. A number of clients have already lodged claims against the firm after poor pensions advice had left them out of pocket.
The FCA had imposed a number of restrictions on the IFA over the past four years.
Who Were Cowley & Miller?
Cowley & Miller is based at 290 Bath Street, Unit 2, Floor 2, Sycamore House, Glasgow. There are currently two registered individuals - Judith Cowley and James Park Miller. Both are listed on the FCA register as pension transfer specialists.
The firm became authorised and regulated by the FCA in 2011. In 2017, a first complaint was received by the Financial Ombudsman Service in relation to a pension transfer. Restrictions were placed on the firm by the FCA in 2018 which included refraining from advising on any new or existing defined benefit pension transfers.
The FOS has since upheld a number of unsuitable advice complaints against Cowley & Miller. Their clients successfully complaints that the advice they received from the IFA to transfer their pensions into a SIPP and invest into a high-risk, unregulated investment scheme was not suitable.
One of the schemes in question was related to Carbon Credits. This type of investment is very volatile, high-risk and many companies went bust when the value of the credits fell. This sort of investment is only suitable for experienced investors.
In 2021, the firm was subject to an asset restriction preventing it from selling any of its assets without the FCA’s prior written consent.
Today’s news is the final death knell in a turbulent few years for Cowley & Miller.
Who Are The FSCS?
The Financial Services Compensation Scheme (FSCS) is the UK's statutory deposit insurance and investors' compensation scheme for customers of FCA-authorised financial service firms. The FSCS will compensate consumers if an FCA-regulated firm is unable to.
The FSCS enforces a levy on all FCA-regulated firms which is paid into an annual compensation pot. The levy for 2021/22 is £833m. It has often been described as a “lifeboat fund” for consumers who deserve compensation after a mis-selling or negligent financial advice.
It is independent of the Government and the financial industry and was set up under the Financial Services and Markets Act 2000, becoming operational on 1 December 2001. They do not charge individual consumers for using their service.
What To Do If You Received Pension Advice From Cowley & Miller
If you have received pension or SIPP advice from Cowley & Miller, our expert panel of mis-sold SIPP solicitors can help. Our panel can liaise with the FSCS on your behalf and ensure you get the compensation you deserve if you have been misled and mis-sold.
ClaimExperts.co.uk have an expert panel of mis-sold SIPP solicitors who can help you:
- File a SIPP complaint with your financial advisor and/or SIPP provider
- Liaise with the FSCS and the FOS to go through your claim
- Meticulously go through all of the paperwork to see if a mis-selling has occurred
- Have all correspondence and communication with your SIPP advisor or provider, and liaise with them on your behalf
- Get you your deserved compensation paid to you, as soon as possible
If your financial advisor or SIPP provider is no longer trading, our panel can help you claim via the Financial Services Compensation Scheme (FSCS).
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